The hotel group, which has earmarked £300m to invest in new acquisitions this year, is currently working with English Heritage and Manchester City Council Heritage on plans to develop the building, which opened in 1845 as a theatre and later became a cinema, bingo hall and nightclub.
Jasminder Singh's Edwardian Group owns the 263-bedroom Radisson Blu Edwardian hotel on Peter Street. Situated within the city's former Free Trade Hall, the hotel sits alongside the Theatre Royal building.
A spokesperson for the group said plans were being considered for the future of the building and could not confirm if it would be integrated into the Radisson Blu Edwardian or opened as a standalone hotel.
The Edwardian Group owns and operates 14 hotels under the Radisson Blu Edwardian brand.